1. Report Industry Investment Rating - The investment rating is neutral, and it is expected that the urea market will continue to fluctuate within a narrow range [4] 2. Core Viewpoints - Downstream demand has weakened, causing the price of urea to decline continuously [1] - The supply - side pressure has increased as previously shut - down urea enterprises gradually resume production, while downstream replenishment has slowed down, leading to a decrease in overall orders and an increase in enterprise inventory [3] - The cost of coal - based and gas - based production has fluctuated slightly. The decline in urea prices has led to lower production profits, but cost support is still acceptable [3] - Agricultural fertilizer use has entered an off - season, with slow fertilizer preparation for southern rice and scattered agricultural demand. Industrial demand in the compound fertilizer and panel industries has seen a slight decline in the operating rate, and rigid demand has advanced steadily [3] - With the domestic export policy remaining tight, port inventory has fluctuated slightly [3] 3. Summary by Directory 3.1 Urea Basis Structure - The report presents graphs of Shandong and Henan urea small - particle market prices, Shandong and Henan main - contract basis, urea main continuous contract price, 1 - 5 spread, 5 - 9 spread, and 9 - 1 spread, with data sources from Flush and Huatai Futures Research Institute [8][9][11][15][17] 3.2 Urea Production - Graphs of urea weekly production and urea plant maintenance loss volume are provided, with data from Flush and Huatai Futures Research Institute [20][27] 3.3 Urea Production Profit and Operating Rate - The report shows graphs of production cost, spot production profit, disk production profit, national capacity utilization rate, coal - based capacity utilization rate, and gas - based capacity utilization rate, sourced from Flush and Huatai Futures Research Institute [23][31][34] 3.4 Urea Off - shore Price and Export Profit - Graphs of urea small - particle FOB in the Baltic Sea, urea large - particle CFR in Southeast Asia, urea small - particle FOB in China, urea large - particle CFR in China, relevant price differences, urea export profit, and disk export profit are presented, with data from Flush and Huatai Futures Research Institute [36][39][42][45][48] 3.5 Urea Downstream Operating Rate and Orders - Graphs of compound fertilizer operating rate, melamine operating rate, and pending order days are provided, with data from Flush and Huatai Futures Research Institute [55][56][57] 3.6 Urea Inventory and Warehouse Receipts - The report includes graphs of upstream in - plant inventory, port inventory, raw material inventory days of urea downstream manufacturers in Hebei, futures warehouse receipts, main - contract open interest, and main - contract trading volume, sourced from Flush and Huatai Futures Research Institute [60][61][64]

| 品种 | 核心观点 | 主要逻辑及价格区间 | | --- | --- | --- | | 螺纹钢 | 低位运行 | 螺纹需求增加明显，已接近去年同期。产量小幅回落，库存去化较好，供 | | | | 需层面有所改善。但铁水产量维持高位，后期钢材整体供需或存在趋于宽 | | | | 松的压力。市场对政策仍有期待，短期市场低位震荡运行。【3050，3150】 | | 热卷 | 低位运行 | 热卷供需均小幅增加，数据上看暂时无明显矛盾。但贸易摩擦升级以及越 | | | | 南、韩国反倾销政策或对出口预期产生影响。中期基本面仍有趋于宽松的 | | | | 倾向，短期市场低位震荡运行，等待驱动指引。【3150，3250】 | | 铁矿石 | 短线参与 | 发到货双增，铁水产量止增转降，但钢企利润仍支撑铁矿需求维持高位。 | | | | 随着外矿发运逐渐恢复放量，铁矿基本面边际转弱。下游需求仍在改善， | | | | 关注钢厂节前补库及宏观政策出台情况。【670,750】 | | | | 铁水日产量仍然维持在 240 万吨左右的高位，钢厂生产积极性较高，对原 | | 焦炭 | 弱势运行 | 料需求有保障。焦炭周产量持 ...

行业 纯碱、玻璃日报 日期 2024 年 4 月 18 日 油） 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 硅）028-8663 0631 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 021-60635730 lijin@ccb.ccbfutures.com 期货从业资格号：F3015157 021-60635727 期货从业资格号：F03134307 fengzeren@ccb.ccbfutures.com 能源化工研究团队 研究员：李捷,CFA（原油燃料 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（尿素、工业 研究员：彭婧霖（聚 ...

金十数据4月18日讯，截至2:30收盘，沪金主力合约收跌0.20%，报787元/克，沪银主力合约收跌 0.67%，报8154元/千克，SC原油主力合约收涨3.40%，报495元/桶。 夜盘主力合约收盘 ...

Report Industry Investment Rating - No information provided Core Viewpoints - The lead price fluctuated and declined due to macro - sentiment. Fundamentally, supply is loose and demand is in the off - season, but the shortage of waste battery supply creates a cost - demand tug - of war. Short - term lead prices are expected to be in wide - range consolidation, and macro uncertainties should be continuously monitored [1]. - The zinc price retraced again under macro - sentiment. Short - term macro sentiment has high uncertainty, and zinc prices are expected to be in wide - range consolidation. In the medium - to - long term, TC has room to rise, and the center of zinc prices may shift down. Continued attention should be paid to macro - sentiment disturbances [1]. Summary by Relevant Catalogs Lead Price and Spread - The average price of SMM1 lead ingots decreased by 0.15% compared with the previous day, and the closing price of the Shanghai lead main contract decreased by 1.01% [1]. - The Shanghai lead basis was 45 yuan/ton, an increase of 145 yuan/ton; the LME 0 - 3 lead premium was - 19.94 dollars/ton, an increase of 1.97 dollars/ton; the LME 3 - 15 lead premium was - 75.50 dollars/ton, an increase of 2.30 dollars/ton [1]. Trading Volume and Open Interest - The trading volume of the active lead futures contract was 19,726 lots, an increase of 14.24%; the open interest was 30,993 lots, a decrease of 3.38% [1]. Inventory - The LME lead inventory was 283,125 tons, with no change; the Shanghai lead warehouse receipt inventory was 57,977 tons, a decrease of 0.69% [1]. Fundamental News - Some lead - acid battery manufacturers in South China plan to stop production for the Labor Day holiday, with some in Guangdong planning at least 7 days off [1]. - High prices of antimony and tin have increased the cost of lead alloy smelters, and some have cut production by 30% [1]. - The supply of waste lead - acid batteries is tight, and a smelter in the main recycled lead production area has raised the purchase price twice this week but only received two trucks of goods [1]. Zinc Price and Spread - The average price of SMM1 zinc ingots decreased by 0.75% compared with the previous day, and the closing price of the Shanghai zinc main contract decreased by 1.81% [1]. - The Shanghai zinc basis was 640 yuan/ton, an increase of 235 yuan/ton; the Shanghai zinc premium decreased in different regions, and the LME 0 - 3 zinc premium was - 12.50 dollars/ton, an increase of 10.88 dollars/ton; the LME 3 - 15 zinc premium was 0 dollars/ton, a decrease of 43.21 dollars/ton [1]. Trading Volume and Open Interest - The trading volume of the active zinc futures contract was 203,299 lots, an increase of 28.74%; the open interest was 126,631 lots, an increase of 11.49% [1]. Inventory - The LME zinc inventory was 190,550 tons, with no change; the Shanghai zinc warehouse receipt inventory was 10,158 tons, an increase of 32.65% [1]. Fundamental News - An important die - casting zinc alloy factory in Central China has good orders, low finished - product inventory, and low raw - material inventory [1]. - Luoping Zinc & Electricity plans to produce 80,000 tons of zinc ingots and 18,000 tons of zinc concentrate metal in 2025 [1]. - On April 15, the LME 0 - 3 zinc was at a discount of 23.38 dollars/ton, and the open interest decreased by 910 lots to 214,783 lots [1].

1. Report Industry Investment Rating - Aluminum: Oscillating with a bullish bias [1] - Alumina: Price under pressure [1] 2. Core Viewpoints of the Report - The report provides an update on the fundamental data of aluminum and alumina, including futures and spot market prices, trading volumes, open interest, inventory levels, and enterprise profitability, and also presents some industry news and trend intensities [2][4] 3. Summary by Relevant Catalogs Futures Market - **Aluminum Futures**: The closing price of the SHFE aluminum main contract was 19,545 yuan, down 50 yuan from the previous trading day; the LME aluminum 3M closing price was 2,389 US dollars, up 17 US dollars. The trading volume and open interest of the SHFE aluminum main contract increased, while the LME aluminum 3M trading volume also increased. The LME cancelled warrant ratio decreased, and the LME aluminum cash - 3M spread increased slightly [2] - **Alumina Futures**: The closing price of the SHFE alumina main contract was 2,815 yuan, up 29 yuan. The trading volume decreased, and the open interest also decreased. The spread between the near - month contract and the first - consecutive contract and the cost of the near - month long and first - consecutive short inter - period arbitrage changed [2] Spot Market - **Aluminum Spot**: The domestic aluminum ingot social inventory was 716,000 tons, unchanged from the previous day; the SHFE aluminum ingot warrant was 100,100 tons, down 1,100 tons. The electrolytic aluminum enterprise profit was 3,130.67 yuan, up 2.40 yuan. The aluminum spot import profit and loss was - 944.64 yuan, up 29.37 yuan [2] - **Alumina Spot**: The domestic average alumina price was 2,894 yuan, unchanged. The alumina price at Lianyungang's CIF was 356 US dollars/ton, up 1 US dollar. The profit and loss of Shanxi alumina enterprises was - 118 yuan, unchanged [2] - **Other Raw Materials**: The prices of bauxite from different sources were mostly stable, and the price of caustic soda in Shaanxi was also stable [2] Comprehensive News - In Guizhou, 3,000 tons of spot alumina were traded at an ex - factory price of 2,950 yuan/ton [2] - On April 16, 30,000 tons of alumina were traded in Australia at an FOB price of 347.5 US dollars/ton for June shipment [4] Trend Intensity - Aluminum trend intensity: 0; Alumina trend intensity: 0 [4]

Group 1: Report Information - Report Name: Yong'an Synthetic Rubber Morning Report [2] - Research Team: Energy and Chemicals Team of the Research Center - Date: April 17, 2025 Group 2: BR (Butadiene Rubber) Data Futures Data - BR2505 Closing Price on April 16: 11045, with a daily change of -630 and a weekly change of -302 [3] - BR2505 Position on April 16: 19796, with a daily change of -291 and a weekly change of -9003 [3] - BR2505 Trading Volume on April 16: 99216, with a daily change of 26175 and a weekly change of -89260 [3] - Warehouse Receipt Quantity on April 16: 16430, with a daily change of -150 and a weekly change of -310 [3] - Virtual - Real Ratio on April 16: 6.02, with a weekly change of -3 [3] Basis and Spread Data - Basis (Cis - BR) on April 16: -135, with a daily change of -360 and a weekly change of -485 [3] - Basis (Styrene - Butadiene - BR) on April 16: 265, with a daily change of -310 and a weekly change of -382 [3] - Month Spread (03 - 04) on April 16: 130, with a daily change of 125 and a weekly change of 90 [3] - Month Spread (04 - 05) on April 16: -45, with a daily change of 200 [3] Price Data - Shandong Market Price on April 16: 13650, with a daily change of 1450 and a weekly change of 1700 [3] - Zhejiang Transfar Market Price on April 16: 13500, with a daily change of 1600 and a weekly change of 1800 [3] - Qilu Factory Price on April 16: 13700, with a daily change of 1700 and a weekly change of 1700 [3] Processing and Import - Export Data - CFR Northeast Asia on April 16: 1750, with a daily change of 175 and a weekly change of 100 [3] - CFR Southeast Asia on April 16: 2000, with a daily change of 125 and a weekly change of 50 [3] - FOB China on April 16: 1750, with a daily change of 180 and a weekly change of 50 [3] - Spot Processing Profit on April 16: 179, with a daily change of -386 and a weekly change of 119 [3] - Futures Processing Profit on April 16: 164, with a daily change of 124 and a weekly change of 704 [3] - Import Profit on April 16: -1214, with a daily change of 129 and a weekly change of 1057 [3] - Export Profit on April 16: 1981, with a daily change of -461 and a weekly change of -1290 [3] Group 3: BD (Butadiene) Data Price Data - Shandong Market Price on April 16: 11050, with a daily change of 1800 and a weekly change of 1550 [3] - Jiangsu Market Price on April 16: 11000, with a daily change of 1700 and a weekly change of 1650 [3] - Yangzi Factory Price on April 16: 11100, with a daily change of 1400 and a weekly change of 1100 [3] - CFR China on April 16: 11082, with a daily change of 1940 and a weekly change of 122 [3] Processing and Import - Export Data - Carbon Four Extraction Profit on April 16: 3459, with a daily change of 795 and a weekly change of -429 [3] - Butene Oxidative Dehydrogenation Profit on April 16: 816, with a daily change of 1450 and a weekly change of 1340 [3] - Import Profit on April 16: -139, with a daily change of -225 and a weekly change of 1624 [3] - Export Profit on April 16: -576, with a daily change of 227 and a weekly change of -1405 [3] Downstream Profit Data - Cis - Butadiene Production Profit on April 16: 179, with a daily change of -386 and a weekly change of 119 [3] - Styrene - Butadiene Production Profit on April 16: 1075, with a daily change of 738 and a weekly change of 963 [3] - ABS Production Profit on April 16: 418, with a daily change of -85 and a weekly change of -70 [3] - SBS Production Profit (791 - H) on April 16: 330, with a daily change of 82 and a weekly change of 785 [3] Group 4: Spread Data - RU - BR on April 16: 3340, with a weekly change of 360 [3] - NR - BR on April 16: 1085, with a daily change of -5 [3] - Thai Mixed - Cis on April 16: 3000, with a daily change of 520 [3] - 3L - Styrene - Butadiene on April 16: 3450, with a daily change of -500 and a weekly change of -700 [3] - Cis Standard - Non - Standard Price Difference on April 16: 250, with a daily change of -250 and a weekly change of -150 [3] - Styrene - Butadiene 1502 - 1712 on April 16: 1700, with a daily change of 700 and a weekly change of 700 [3] Group 5: Data Source - Data Sources: Mysteel, Wind [7]

1. Report Industry Investment Ratings No information about industry investment ratings is provided in the reports. 2. Core Views Glass and Soda Ash - Soda ash: The production has gradually recovered to the normal level, and the overall daily production has increased again after the maintenance of some alkali plants ended. Although the alkali plants have slightly reduced their inventories recently, there is still inventory pressure in the future. The market is expected to continue weak fluctuations in the future without macro - positive support [1]. - Glass: The current market trading logic is still dominated by the macro - situation, and the fundamentals play a relatively weak role. The spot sales in many places have been strong since mid - March due to the seasonal recovery of demand. It is recommended to wait for the end of the delivery logic of contract 05 and then comprehensively evaluate the trading logic of contract 2509 [1]. Industrial Silicon The spot price of industrial silicon has declined, and the futures price has reached a new low. Although large - scale enterprises have reduced production, the supply reduction is narrowed due to new capacity in Yunnan, the resumption of production of some small hydropower enterprises in the southwest, and the increase in the start - up rate in the northwest. The overall balance may still face the problem of inventory accumulation, and the price is under pressure [2]. Polysilicon The polysilicon futures price has broken through the support level and fallen. The spot price is higher than the futures price, and there is no arbitrage space. The polysilicon inventory has increased slightly, while the silicon wafer inventory has decreased. The downstream demand is still supported in April, but the prices of downstream products have started to weaken, and the downstream production schedule is expected to decline in May. The market atmosphere is bearish [3]. Rubber On the supply side, domestic rubber - producing areas are gradually entering the new - year tapping season, and new rubber is being gradually released. Overseas raw material prices have declined due to the drop in spot prices, weakening the cost support for rubber prices. On the demand side, the inventory of semi - steel tires has continued to increase, and enterprises have reduced production to control inventory pressure. It is expected that the rubber price will still face significant pressure in the short term [4]. 3. Summary According to Relevant Catalogs Glass and Soda Ash - **Prices and Spreads** - Glass: The spot prices in North China, East China, Central China, and South China remained unchanged. The prices of glass contracts 2505 and 2509 decreased, with declines of 0.69% and 2.07% respectively. The 05 basis increased by 8.16% [1]. - Soda ash: The spot prices in North China, East China, Central China, and Northwest China remained unchanged. The prices of soda ash contracts 2505 and 2509 decreased, with declines of 0.60% and 0.67% respectively. The 05 basis increased by 3.79% [1]. - **Supply** - Soda ash: The operating rate increased from 82.38% to 88.05%, and the weekly output increased by 3.46% to 73.77 million tons [1]. - Glass: The daily melting volume of float glass and photovoltaic glass remained unchanged [1]. - **Inventory** - Glass: The inventory decreased by 0.84% [1]. - Soda ash: The factory inventory decreased by 0.49%, and the delivery warehouse inventory decreased by 3.08% [1]. - **Real Estate Data** - New construction area decreased by 2.88%, construction area decreased by 20.51%, completion area increased by 5.27%, and sales area increased by 1.81% [1]. Industrial Silicon - **Prices and Spreads** - The prices of various types of industrial silicon decreased slightly, and the basis of some types increased [2]. - The month - to - month spreads of some contracts changed, with some showing increases and some showing decreases [2]. - **Fundamental Data (Monthly)** - The national production in March increased by 18.20% to 34.22 million tons, and the production in Xinjiang increased by 26.57% to 21.08 million tons. The production in Yunnan decreased by 14.58%, and the production in Sichuan increased by 170.59% [2]. - The national operating rate increased by 13.29% to 57.80%, and the operating rate in Xinjiang increased by 30.41% to 78.05% [2]. - **Inventory** - The factory inventory in Xinjiang increased by 4.42%, and the social inventory increased by 0.66%. The non - warehouse receipt inventory increased by 1.66%, while the warehouse receipt inventory decreased by 0.08% [2]. Polysilicon - **Prices and Spreads** - The average price of some polysilicon materials remained unchanged, while the price of N - type silicon wafers decreased by 2.60%. The futures price of contract PS2506 decreased by 2.56% [3]. - The month - to - month spreads of some futures contracts changed, with some showing increases and some showing decreases [3]. - **Fundamental Data** - Weekly: The silicon wafer production decreased by 0.59%, and the average cost of the polysilicon industry decreased by 0.38% [3]. - Monthly: The polysilicon production in March increased by 6.66% to 9.61 million tons, and the silicon wafer production increased by 5.05% to 50.76 million tons [3]. - **Inventory** - The polysilicon inventory increased by 3.39% to 24.4 million tons, and the silicon wafer inventory decreased by 8.37% to 19.15 GW [3]. Rubber - **Prices and Spreads** - The prices of Yunnan state - owned whole - latex and Thai standard mixed rubber decreased, and the basis and non - standard price difference changed [4]. - The month - to - month spreads of some contracts changed, with some showing increases and some showing decreases [4]. - **Fundamental Data** - Production: The production in Thailand, Indonesia, India, and China decreased to varying degrees in February [4]. - Operating Rate: The operating rates of semi - steel and full - steel tires decreased [4]. - Output and Export: The domestic tire output in December increased by 2.04%, and the tire export volume in February decreased by 30.93% [4]. - Import: The import volume of natural rubber in February decreased by 14.50%, while the import volume of natural and synthetic rubber increased by 11.76% [4]. - Cost and Profit: The production cost of some rubber products remained unchanged, and the production profit of STR20 decreased by 82.58% [4]. - **Inventory** - The bonded - area inventory increased by 0.13%, and the factory - warehouse futures inventory of natural rubber on the Shanghai Futures Exchange increased by 49.13% [4].

1. Report Industry Investment Rating - There is no information provided regarding the report industry investment rating. 2. Core Viewpoints of the Report - The demand for pure benzene is dragged down by aniline and CPL. The low price difference between the US and South Korea in the pure benzene market increases the pressure of South Korean pure benzene being shipped to China. The maintenance periods of caprolactam and aniline, along with high inventory pressures in PA6 and MDI, and the concentrated maintenance period of styrene in April, all contribute to the weak processing fees of pure benzene [1][2]. - For styrene, with more maintenance, the port inventory continues to decline, and the processing profit has rebounded. In the short - term, it reflects the concerns about the shutdown of styrene plants using ethane from the US due to high tariffs. In the medium - term (May), as the styrene operation rate rises, there is pressure for the production profit to decline again. The recent price fluctuations are mainly driven by tariff policies [2]. - The recommended strategy is to cautiously short - hedge [3]. 3. Summary by Relevant Catalogs EB& Pure Phenyl Difference Structure and Related Spreads - Pure benzene: The port inventory is 14.20 million tons (+0.15 million tons), the CFR China processing fee is 194 dollars/ton (-21 dollars/ton), the FOB South Korea processing fee is 180 dollars/ton (-15 dollars/ton), the US - South Korea price difference is - 12.6 dollars/ton (+28.2 dollars/ton), and the East China pure benzene spot - M2 spread is 40 yuan/ton (-10 yuan/ton) [1]. - Styrene: The main contract basis is 195 yuan/ton (+77 yuan/ton), the non - integrated production profit is - 89 yuan/ton (-34 yuan/ton), and it is expected to gradually compress [1]. EB& Pure Benzene Operation and Inventory - Pure benzene: The East China port inventory is 14.20 million tons (+0.15 million tons) [1]. - Styrene: The East China port inventory is 95,600 tons (-23,400 tons), the East China commercial inventory is 70,100 tons (-12,900 tons), and the operation rate is 68.4% (-4.9%) [1]. Downstream Operation and Production Profit - EPS: The production profit is 351 yuan/ton (+10 yuan/ton), and the operation rate is 47.09% (-6.52%) [1]. - PS: The production profit is - 99 yuan/ton (+10 yuan/ton), and the operation rate is 61.10% (-3.50%) [1]. - ABS: The production profit is 1001 yuan/ton (+32 yuan/ton), and the operation rate is 67.65% (-0.95%) [1]. Pure Benzene Downstream Production Profit - There is no specific numerical data provided in the text for the production profit of pure benzene downstream products, but it is mentioned that the maintenance of caprolactam and aniline affects the demand for pure benzene, and PA6 and MDI have high inventory pressures [2].

Group 1: Report Overview - Report Title: Asphalt Daily Report [1] - Report Date: April 16, 2024 [2] Group 2: Market Review and Operation Suggestions Futures Market - For BU2506, the opening price was 3340 yuan/ton, closing at 3301 yuan/ton, with a high of 3342 yuan/ton, a low of 3293 yuan/ton, a decline of 0.12%, and a trading volume of 20.19 million lots [6] - For BU2507, the opening price was 3318 yuan/ton, closing at 3293 yuan/ton, with a high of 3328 yuan/ton, a low of 3287 yuan/ton, an increase of 0.09%, and a trading volume of 2.60 million lots [6] Spot Market - As of the noon market today, asphalt spot prices in North China, Shandong, and East China declined, while those in Northeast and South China rose slightly, and prices in other regions remained stable [6] Supply and Demand Analysis - Supply: Sinopec Sichuan in Southwest China and Tianzhize in Northwest China plan to produce asphalt stably. Shandong Shengxing Petrochemical's 1.5 million - ton plant and Henan Fengli's 1.3 million - ton plant may resume asphalt production, and the average operating load rate of asphalt plants is expected to continue rising [7] - Demand: Rain in Jiangnan and South China will affect road construction, weakening the rigid demand in these areas. Cold air in central and eastern China will impact some northern projects. With significant fluctuations in international oil prices, the spot market is cautious, and speculative demand is released conservatively [7] Market Outlook - The asphalt market fundamentals remain weak in both supply and demand. With oil prices bottoming out, asphalt is expected to fluctuate weakly [7] Group 3: Industry News Shandong Market - The mainstream intended price of 70A asphalt is 3330 - 3500 yuan/ton, down 20 yuan/ton from the previous day. Low - price resource transactions are okay, and some local refineries raised prices, but Qilu Petrochemical's settlement price decline pulled down high - end prices [8] East China Market - The mainstream intended price of 70A asphalt is 3500 - 3570 yuan/ton, down 95 yuan/ton from the previous day. Demand is weak, and social inventory shipments have not improved significantly. Sinopec's price cuts narrowed the price gap between its plants and local refineries and social inventories [8] Group 4: Data Overview - The report presents multiple figures including asphalt daily operating rate, Shandong asphalt comprehensive profit, asphalt cracking, asphalt social inventory, asphalt manufacturer inventory, and asphalt warehouse receipts, with data sources from Wind and Jianxin Futures Research and Development Department [10][16][23]